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CAVA & Sleep Number, Montgomery, AL

CAVA & Sleep Number, Montgomery, AL


Investment Summary

Price $3,531,188
Cap Rate
NOI
Lease Term CAVA: 10 years | Sleep Number: 10 years
Lease Type Net, with tenant responsible for all taxes, insurance, and maintenance, excluding roof, structure, and parking lot
Rental Increases CAVA: 10% rental increases every five (5) years | Sleep Number: approx. 2% annual rental increases
Year Built 2023
Building Size CAVA: 2,500 SF | Sleep Number: 3,000 SF
Lot Size ±1.07 acres (46,638 SF)
Status Closed
Lead Brokers Scott Crowle
Executive Managing Director
415.604.4288
scott.crowle@cushwake.com
CA RE License #01318288

Jack Hinson
Brokerage
704.572.9921
j.hinson@cushwake.com
CA RE License #02059267

Michael T. Yuras, CCIM
Vice Chairman
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Vincent Aicale
Vice Chairman
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Ryan Forsyth
Vice Chairman
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Investment Highlights

NEW PUBLICLY-TRADED CORPORATE 10-YEAR LEASES TO SLEEP NUMBER AND CAVA WITH DEDICATED DRIVE-THRU
» “Amazon-proof” assets with scheduled rental increases
» Sleep Number (NASDAQ “SNBR”) operates with minimal working capital requirements by selling directly to customers and operates retail stores as showrooms
» Sleep Number’s annual net sales was $2.11B in 2022
» Cava is modeled after Chipotle and owned by Cava Group, which also owns Zoës Kitchen, making the combined company the largest restaurant operator in the Mediterranean category in the U.S. restaurant industry
» Cava Group recently filed for an IPO in June 2023 and plans to list on the New York Stock Exchange under the symbol “CAVA”
» CAVA is aiming for a valuation of up to $2.23B in its U.S. initial public offering

NEW SHOPPING CENTER OUTPARCEL RIGHT OFF INTERSTATE 85 WITH ACCESS TO OVER 110K DAILY VEHICLES
» Prominent shopping center outparcel location along Eastchase Parkway (17,776 AADT) near The Shoppes
at Eastchase (85+ stores) in a dense retail corridor surrounded by notable tenants including Costco Wholesale, Best Buy, Walmart Supercenter, The Home Depot, Target, and more
» Excellent visibility and easily accessible location off Interstate 85 (110,370 AADT), a major Alabama thoroughfare flowing traffic in and out of Montgomery, offering connectivity to the large trade area
» Walking distance to four large hotels with 384 guestrooms and near a dense cluster of hotels within a
two-mile radius
» Situated near dense apartment complexes such as Broadstreet at Eastchase (272 units), Verandas at Mitylene (332 units), The Morgan at Eastchase (216 units), and Verandas at Mitylene (332 units)
» Two miles from Auburn University at Montgomery (5,211 students), and Baptist Medical Center East (184 beds)

BUSINESS-FRIENDLY ENVIRONMENT IN STATE CAPITAL AND SECOND LARGEST CITY WITH OVER 200K RESIDENTS
» 90,119 residents within a five-mile radius, providing a reliable customer base for the site
» Average annual household income of $116,437 within one mile (projected 13% increase by 2028)
» Well-positioned in the state capital and second-largest city in Alabama with a population of 200,586, Montgomery offers a diverse economy, business-friendly environment, and low cost of doing business, making it ideal for new and expanding companies
» Conveniently located ten miles from Downtown Montgomery, benefiting from the $512 million annual tourism contribution to the local economy
» 13 miles from Maxwell-Gunter Air Force Base, the educational and technological center of the U.S. Air Force (17,000 military, civil service, and contracted personnel, and a student population of 34,000+)

Property Description

SOLD

» Prime Outparcel Location in Prominent Shopping Center: Situated along Eastchase Parkway (17,776 AADT) near The Shoppes at Eastchase, this prominent outparcel location is surrounded by over 85 stores and notable tenants like Costco Wholesale, Best Buy, and Walmart Supercenter, ensuring a high-traffic retail corridor
» Excellent Visibility and Easy Access off Interstate 85: With its convenient proximity to Interstate 85 (110,370 AADT), a major Alabama thoroughfare, the site offers excellent visibility and easy access, serving as a connectivity point for the large trade area and attracting a constant flow of traffic
» Walking Distance to Hotels and Apartment Complexes: Within walking distance of four large hotels with 384 guestrooms and near a dense cluster of hotels within a two-mile radius, the location is surrounded by dense apartment complexes such as Broadstreet at Eastchase, Verandas at Mitylene, and The Morgan at Eastchase
» Proximity to Auburn University at Montgomery and Baptist Medical Center East: Just two miles away from Auburn University at Montgomery (5,211 students) and Baptist Medical Center East (184 beds), the site benefits from the proximity to these educational and healthcare institutions, creating opportunities for student and medical-related patronage
» Strong Customer Base and Ideal Position in Montgomery: With a five-mile radius encompassing 90,119 residents and situated in Montgomery, the state capital and second-largest city with a population of 200,586, this location enjoys a reliable and sizable customer base while benefiting from a diverse economy, business-friendly environment, and low cost of doing business, making it an ideal choice for new and expanding companies

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